Types of health insurance nc for small businesses

1. Types of health insurance for small businesses

2. • There are 4 key types of health insurance that small businesses can choose from: o PPO plans, o HMO plans, o HSA-qualified plans and o Indemnity plans. • Here are some of the pros and cons of each type of plan. thebenefitadvisors.com

3. PPO (preferred provider organization) plans • PPO plans are the foremost common sort of insurance . • Employees covered under a PPO plan can choose either in-network or out-of-network doctors or hospitals, but selecting from the insurance firm 's list of preferred providers leads to the insurance company covering a bigger percentage of every claim. thebenefitadvisors.com

4. • Pros: o A PPO plan allows participants to hunt care from doctors, hospitals and specialists both within and out of doors the network, and participants aren't required to settle on a PCP. o PPOs cover a good range of services, including preventive care, hospitalization and emergency care, medications, outpatient surgery and specialist treatments. o These plans follow participants wherever they are going , meaning they will seek medical aid albeit they're traveling and be covered. thebenefitadvisors.com

5. • Cons: o With a PPO plan, participants are liable for a co- payment of around $10 to $15 any time they visit an in-network doctor, and co-pays are higher if they visit a doctor outside the network. o For some categories of service, participants must also meet an annual deductible before the plan pays for those services. o Plan participants are liable for filing their own claim paperwork if they visit a doctor outside their network, which may be a hassle. thebenefitadvisors.com

6. HMO (health maintenance organization) plans • HMO plans offer a wide range of healthcare services through a network of providers that are exclusively contracted with the HMO or that agree to provide services to members. • Employees who are on this type of plan generally must select a primary care physician who will provide the majority of their care and will refer them to a specialist if needed. thebenefitadvisors.com

7. • Pros: o A primary care physician can be an excellent medical resource, since they get to know the plan participant, their medical history and their health goals through consistent care. o HMOs tend to offer lower-cost healthcare because they only cover in-network treatment and can negotiate lower prices with their provider networks. thebenefitadvisors.com

8. • Cons: o You must choose doctors and facilities within the HMO network. o Participants must get a referral from their primary care physician before seeing another doctor, even for routine care. thebenefitadvisors.com

9. HSA-qualified plans • HSA-qualified plans are PPO plans designed specifically to be used with health savings accounts (HSAs). • An HSA is a bank account that allows participants to save pre-tax money specifically to be used for future medical expenses. thebenefitadvisors.com

10. • Pros: o The No. 1 advantage of an HSA is its triple tax benefits: Participants contribute to their HSA with pre-tax dollars, pay medical expenses with pre-tax dollars and earn compound profits tax-free. o Any unused balance in an HSA automatically rolls over year to year, so participants don't lose their money if they don't use it in a given year. thebenefitadvisors.com

11. • Cons: o To be eligible for an HSA, participants must have a high deductible health plan (HDHP) with a deductible of at least $1,350 for single coverage or $2,700 for group coverage. o The high deductible of HSAs may lead participants not to seek medical care when they need it. thebenefitadvisors.com

12. Indemnity plans • Indemnity plans allow members to direct their own healthcare and visit any doctor or hospital they want. • The insurance company pays a set portion of the total medical charges. • Employees may be required to pay for some services up front and then apply for reimbursement from the insurance company. thebenefitadvisors.com

13. • Pros: o Indemnity plans give a cash payment to the member in the event of a qualifying incident, like an accident or a critical illness, which means quick and easy money to cover medical costs. o Some indemnity plans may include additional wellness benefits, such as telemedicine, so that members can access medical care 24/7 at no additional cost. thebenefitadvisors.com

14. • Cons: o Members with pre-existing conditions likely won't be covered within the first 12 months of coverage. o Indemnity plan benefits are tied to particular incidents, such as admission to the hospital or a doctor visit, so they don't provide comprehensive coverage. thebenefitadvisors.com

15. Independent Benefit Advisors • The Independent Benefit Advisors are here to listen and help you find the right group employer health insurance plan for your small, mid-size, or large company that is headquartered in NC. • We serve the entire state including, but not limited to: Raleigh, Charlotte, Greensboro, Wilmington, Asheville, Fayetteville, and everywhere in between. • Contact us today to find out how we can help make employer health insurance NC plan benefits uncomplicated and straightforward for your company. thebenefitadvisors.com

16. Contact Us Address: 1121 Pemberton Hill Rd, Apex, NC 27502 Phone: (919) 303-9690 Toll Free: (888) 303-9690 Fax: (919) 303-9691 ID: john@thebenefitadvisors.com Website : Thebenefitadvisors.com thebenefitadvisors.com

17. (919) 303-9690 (888) 303-9690